Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".
This is a House joint resolution using the Congressional Review Act to disapprove a Bureau of Consumer Financial Protection (CFPB) final rule. The rule would have defined which nonbank entities operating general-use digital consumer payment applications (digital wallets) are considered “larger participants” in that market, thereby determining which entities fall under CFPB supervisory authority. If the joint resolution becomes law, the rule would have no force or effect, and CFPB would not implement that definitional threshold. The measure was introduced in the 119th Congress on February 27, 2025 (H. J. Res. 64) by Rep. Flood and several co-sponsors and referred to the Committee on Financial Services. The final rule it targets was published December 10, 2024 as 89 Fed. Reg. 99582. In short: the bill blocks a specific CFPB rule that would have expanded federal supervisory reach over large digital-wallet providers; if enacted, the rule would not take effect.
Key Points
- 1This bill uses the Congressional Review Act to disapprove a CFPB final rule titled “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.”
- 2If enacted, the rule’s final definition of “larger participants” would have no force or effect; CFPB could not rely on that definitional threshold to determine supervisory coverage.
- 3The targeted rule was published December 10, 2024 in the Federal Register (89 Fed. Reg. 99582).
- 4The bill’s sponsors (Rep. Flood and co-sponsors) introduced the measure February 27, 2025, and it was referred to the House Committee on Financial Services.
- 5The disapproval does not repeal the underlying statutory authority giving CFPB power to regulate, but it blocks the specific regulatory definition from taking effect.